Twist Bioscience Corp (NASDAQ: TWST)

Twist Bioscience Corp pioneers a disruptive DNA synthesis platform to industrialize the engineering of biology. The company's proprietary technology writes DNA on a silicon chip, miniaturizing traditional chemical DNA synthesis reactions to write over 1,000,000 pieces of DNA up to 500 bases through direct synthesis. This innovation reduces the amount of chemicals used per gene by approximately 99.8% compared to plate-based synthesis. Twist Bioscience combines its silicon-based DNA writing technology with proprietary software, scalable commercial infrastructure, and an e-commerce platform to create an integrated technology platform. This platform enables high levels of quality, precision, automation, and manufacturing throughput at a significantly lower cost and quicker turnaround time than competitors. The company serves customers in healthcare, food/agriculture, industrial chemicals/materials, and academic research, helping them develop ways to better lives and improve the sustainability of the planet.

Twist Bioscience generates revenue through its synthetic biology and next-generation sequencing (NGS) tools product lines, as well as biopharma services for antibody discovery, optimization, and development. In fiscal year 2025, the company served over 3,800 customers and reported $376.6 million in revenue. The revenue breakdown includes $215.1 million from the healthcare sector, $93.2 million from the chemicals/materials sector, $65.9 million from the academic research sector, and $2.4 million from the food/agriculture sector. The company's primary products include synthetic genes, tools for next-generation sequencing, sample preparation, and both products and services for drug discovery and development.

• Synthetic Biology: This segment includes synthetic genes and gene fragments, oligonucleotide pools, and immunoglobulin G (IgG) proteins. Synthetic genes are manufactured strands of DNA used for a wide range of research, including product development for therapeutics, diagnostics, chemicals/materials, food/agriculture, and academic research. Oligo pools are high diversity collections of oligonucleotides used in various applications, including targeted NGS, CRISPR gene editing, mutagenesis experiments, and DNA origami. IgG proteins are offered for customers focused on drug discovery and development, providing high throughput IgG capability to remove bottlenecks in the antibody discovery process.

• Next-Generation Sequencing (NGS) Tools: This segment includes products that enable NGS, such as library preparation kits, human exome kits, fixed and custom panels, and Alliance panels. These products work on multiple sequencing platforms and are used within diagnostic tests for various indications, including rare disease, SARS-CoV-2, and cancer through liquid biopsy and minimal residual disease (MRD). Customers use these tools for therapy selection, population genetics research, biomarker discovery, translational research, microbiology, and applied markets research.

• Biopharma Services: This segment offers comprehensive discovery services for partners, including library generation, screening, developability assays, and antibody expression and characterization. The services aim to provide rapid, high-quality, fit-for-purpose antibodies based on targets and functional criteria provided by customers. Partnerships generate revenue through licensing fees, fee-for-service, and success-based milestones for clinical, regulatory, and commercial achievements.

Twist Bioscience operates in a highly competitive industry characterized by price competition, technological change, international competition, product turnaround time, and manufacturing yield problems. Key competitors include GenScript Biotech Corporation, GENEWIZ (owned by Azenta Life Sciences), Integrated DNA Technologies, Inc. (owned by Danaher Corporation), DNA 2.0 Inc. d/b/a/ ATUM, GeneArt (owned by Thermo Fisher Scientific Inc.), Eurofins Genomics LLC, OriGene Technologies, Inc., Eurofins Genomics Blue Heron, Elegen Corporation, Ansa Biotechnologies, Inc., Telesis Bio, Inc., and others. The company's competitive advantages include its proprietary silicon-based DNA synthesis platform, which enables high levels of quality, precision, automation, and manufacturing throughput at a lower cost and quicker turnaround time than competitors. Additionally, Twist Bioscience's integrated technology platform and e-commerce capabilities provide a competitive edge in addressing large markets and diverse customer bases.

Twist Bioscience serves a global customer base of more than 3,800 customers across a broad range of industries, including healthcare, food/agriculture, industrial chemicals/materials, and academic research. The company's customers include diagnostic, therapeutic, and healthcare companies, agricultural biotech companies, chemical companies, academic institutions, and government entities. Specific customers mentioned in the filing include Bayer, Boehringer Ingelheim GmbH, Takeda Pharmaceutical Company Limited, Adicet Bio, Ono Pharmaceutical Ltd., Kyowa Kirin, Invetx, Inc., Astellas Pharma Inc., and Neogene Therapeutics, Inc.